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Cash for Clunkers hopes to get buyers into new wheels

READ MORE: Cash for Clunkers hopes to get buyers into new wheels
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For months, cars have sat idle on lots throughout the country, but dealers are hoping the new Cash for Clunkers bill could be the jump start the auto industry needs to get them moving again. “Sales people are going to be enthused about it,” said Gary Younts, president of Ocean City Chevrolet. “If the customer has an old piece that they don't feel like is worth a whole lot of money anyway, they're automatically going to get $3,500 for it, and that's big to them.” To qualify for the rebate your clunker must get 18 miles per gallon or less, it must be less than 25 years old, you have to have owned and insured the vehicle for at least a year, and it must be driveable. If the new car gets at least 4 miles per gallon more than the trade in you get $3,500 back. If the new car gets 10 miles per gallon or more you get $4,500. Add dealer incentives and it could drive car sales up. “It's still $3,500 dollars to them, in addition to $2,000 to $5,000 dollar rebates on other vehicles, so that's big,” Younts said. Customers say it's a good deal for drivers already in the market for a new car, but they don't think the incentives will be enough to get people to trade in reliable vehicles. “If you would need a new car, yes, but if you wouldn't need a new car, the way the economy is, I don't think it would be worth it,” said car shopper Joe Imdorf. For dealers, Cash for Clunkers has meant plenty of homework. They must sort through more than 130 pages of requirements and procedures to get reimbursed for the rebate. If they don't follow the rules, they could lose out on the cash back and be subject to hefty fines.

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look at the comments

How is this a scam? Other than you have the government funding the buy out. The dealer has no imput on whether your vehicle qualifies or not. There is a website which anyone with half a brain can view to determine whether the vehicle they own qualifies. It must be working. The government funded this program with a BILLION dollars. They exhausted the fund in 1 week. FYI -- I am not in the car business. I just hate seeing mindless postings here which anyone with half a cranium could research and avoid looking so foolish. In fact, if the dealership screws up and gives you the government voucher which the government later fails to honor due to technical difficulties or improper data entry, it comes out of the dealer's pocket. This program was on top of manufacturer rebates. This program could not legally add anything to the price of a new car. Dealers face prosecution if they even tried something like that. Too bad more people don't read what they post before they post.

HA! Just came over AP...

The program is being suspended as of Midnight Friday. Seems that it's costing a bit too much!

What these dealers dont tell

What these dealers dont tell you is that you get what your trade is worth with a little extra tacked on. for example say you go to cash in on the 3500 and your car is only worth 500. they give you that extra 3000 and then tack it on to the final price that you eventually end up paying back. these kind of deals are not worth it and end being scams in the long run. just anotherway to get more money out the customer in the end. remember if it sounds too good to be true, it probably is.

Anyone read the news today?

They are starting to play with the numbers. Cars that were listed as qualifying suddenly no longer quality. The mileage estimate on a eight or ten year-old car has suddenly changed. Report is that this will cost a LOT more than they planned on, and they're trying to do some damage control by trimming the number of cars eligible. That way, they won't be paying out that much. Another Democrat success story!

cars

I have a 95 Camaro w/ 85,000 actual miles on it that gets 25+ mpg avg. I want to buy a VW TDI that gets est 40 mpg. I can not get the cash for clunkers even though I am increasing my mileage by 12 mpg .

Clunkers

Just a couple of random thoughts...1) Why is there an age limit on the vehicle? If it's 25 years old, it's about as valuable as something that's much older (assuming it's not a high-line luxury antique). 2) What's with the 130 pages of policy and procedures? Why don't they just come up with a list of vehicles that qualify and the years they were produced? 3) How will they determine if the vehicle gets less than 18 mpg? Are they using original factory information or just making it up as they go along?

Dealers

Is this cash for clunkers good at any dealership?

Yes as long as you are

Yes as long as you are buying a new car!